The Emporia weekly news. [volume] (Emporia, Kan.) 1881-1889, 1887-08-11

NEW YORK, Aug. 5.-R. G. Dun s.
Co., in their weekly review of trade,
say: The collapse of the California
wheat ring teaches the old lesson that
everybody is stronger than anybody,
and not even bonanza wealth can, with
with impunity, defy the laws of trade.
The effects in Atlantic markets
through changes in railroad
and telegraph operations, cannot yet
be anticipated. Even in San Fran
cisco, the results are hidden, the board
having suspended as well as the pool,
but the losses OF IS, 600, 900 or S7,OOO,OtO
will fall heavily somewhere, and the
wheat held by the ring, said to be g.
900, 900 bushels in California, $500, 600
bushels on the sea and 8 300, 600 in Liv-
erpool, hangs over the market threat
ening continued depression abroad and
here. The average cost to the ring
is said to be more than the wheat
brings now at New York. Final Of
fetal statements show l53 1881 OBJ
bushels, net exports for the year, but
of this quantity the 100000 bushels
still as much in the way as if
it had not been shipped. A
slow movement, for some time to come
seems to be probable, which may shape
the money market to some extent.
Stocks stumbled again, but have re-
covered a little. On Saturday they
averaged IS per share lower than a
year ago, but to-day the market was
stronger. The absence of investors,
absorption of capital elsewhere and
fears of the consequences OF the recent
failures in railroad negotiations and in
wheat transactions sufficiently explain
the late weakness. Railroads are
pressed by the lowest lake rates
for the year; three cents for
wheat from Chicago to Buffalo,
and in June the canals moved to
New York 7,400, 900 bushels against
6 600 600 by the trunk lines, but the
main fact is that money has found
other usage. Secretary Fairchild of,
fers To prepay interest with a rebate
and to buy bonds if offered low enough,
but the men who have bonds are not
the men who need money in pinch.
Only S4,5O0, 900 interest, payable to
banks, on bonds held is certain to be
drawn, unless, the rebate is hereafter
abandoned, and whether banks of per-
manent investors Will sell bonds at ac-
ceptable terms is not uncertain. The
order, in short affects monetary con-
6dence more than the actual supply OF
money. The expectations that less
will be wanted West and South because
banks there hold 50 600, 900 more than
wear ago and 500, 00O, coo more than two
wears ago is met by the fact
| that loans of the same banks in the
Western and Southern States have in.
| creased SSS, 900 900 since last year. and
| Sl42, OOO, 600 in two years, showing q
great increase in demands for money
| for new enterprises. The reports from
| the interior points are almost uniform
Il oiIvy 60 hllf rnnnnU iS alFna T-a
| ported tight at Kansas City, Atlants
and some other points. The demand
appears greater than the supply a
Cleveland and Omaha, and collections
are less satisfactory at several centers
Crops are less favorably reported il
Michigan and Oregon, and harvesting
in the Northwest shows disappointin,
results according to st. Paul advices
but elsewhere the accounts are excel
lent. The season is one of compare
tive inactivity in trade, but of prepar
alton for the future and the great con
fidence felt recently is in some quar-
} tiers less strongly manifested. at tn
East the heavy shipment O
, money to the West an
; large engagements for the futur
! attract attention. Boston has put as
OOO, 900 into new undertakings an
pledged $50, 600, 900 more. A simils
though smaller drain is felt at Phil;
delphia and Baltimore.
The Treasury has taken from tI
a market during the week 81 400 ,Ol
: gold, with substantially no change
:, silver and legal tender. The adVan,
= in rates by the Bank of Englan
It though explained by South Amer
q can shipments, was doubtless G.
q culated to arrest any movement
to this countryi but recent experts a